KWSG targets N2b micro-credit loan from CBN

Date: 2014-08-28

The Kwara State Government is sets to access N2 billion from the Central Bank of Nigeria (CBN) N220billion micro-credit funds to fund small and medium-scale enterprises (SMEs), according to Senior Special Assistant to Governor Abdulfatah Ahmed on SMEs, Lukman Adams.

 Speaking on Wednesday in Ilorin, at a public/private dialogue organsied by Kwara Coalition of Business and Professional Associations (KWACOBPA), Adams said the state governor had signed a Memorandum of Understanding with the CBN on the scheme, saying that the credit facility would aid growth of the SMEs sector and boost state’s economy.

He said that the loan guaranteed by Irrevocable Special Payment Order (ISPO) would be managed by a special purpose vehicle (SPV) to be established by the state government to guard against mismanagement.   

On the importance of the private sector, he said the feature of Nigeria is in the hand of the sector stressing that no economy can grow without the sector being at the forefront.

He said that "when there is a preponderance of the private sector in any economy there can't be chaos but when it is preponderance of the public sector there will be chaos.”

Adams who commended the KWACOBPA on the steps it is taking on demand for earmarking, by law, one per cent of the state budget as micro-credit fund for the SMEs assured that the government would not be indifferent to the demand.   

Earlier, chairman of the KWACOBPA, Hezekiah Adediji said the association is presenting to the state House Assembly a bill on the earmarking of one per cent of the budget for the SMEs to ensure that the scheme as a legislative backing that will make a permanent feature of the state administration regardless of the party in power.

Chief Adediji added that the scheme would increase business activities which will in turn translate into more employment, reduction of crime rate and increased revenue for development of the state.

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Sarah Alade     Emir Of Shonga     Senate     Zulkifli Ibraheem     Odolaye Aremu     Ahmad Olanrewaju Belgore     Oke-Odo     Adamu B. Yaqubu     Ganmo Power Sub-Station     Kwara State Branch Of The National Library     Elerin Of Erin-Ile     Ishaq Salman     Ishak Mohammed Sabi     Elerin Of Adanla     Yusuf Ibitokun Sherifat     Musa Abdullahi     3MTT     Omupo     KWAFFA     Lithium Deposit     Alloy Chukwuemeka     Abioye Bello     Valsolar-Kwara Company Limited     Abdulrasheed Akogun     Yahaya Oloriegbe     Smart School     Tsaragi/Share     Vasolar     AbdulGaniyu Kareem     Adedipe     Anilelerin     Babaloja-General     Abubakar Imam     Oba Abdulrahim     Ilorin East     Tsado Manman     Olatomiwa Williams     High Court     Salihu Jibril Garbi     Senate Presidency     Laolu Saraki     Kamaldeen Ajibade     Dumagi     Societe Generale Bank Of Nigeria     Belgore     UTME     Sheikh Ariyibi     Oluwatoyin Lukman     Summit University     Mukhtar Shagaya     Nurudeen Muhammed     Unicontinental Construction Company     Asa LGEA School     Salihu S. Yaru     Funmilayo Braithwaite     Hassan Taiye Salam     Suleiman Alege Kuranga     ITP     Volunteers Of Ilorin Community And The Emirate     Abdulrahman Abdulrasaq     Aliyu Adebayo     Adamu Jemilat-Baki     Inside Kwara     Pategi     Maryam A. Garuba     Niguel Gallando Marcias     Ophthalmological Society Of Nigeria     Gabriel Fashanu     Okin High School     Salami Adekunle     Abdulrahman Abdulrazak     Bello Taoheed Abubakar     Eghe Igbinehi     Aisha Abodunrin Ibrahim     Jumoke F. Ajao     Tanke     Babatunde Ishola Babaita    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Oke-Kura     Facemasks     Obayomi Azeez     Garba Ado Sanni     Iyeru Grammar School     Owu Fall     ASMAU PLAZA     Mohammed Yahaya Barki     Shoprite     Aishatu Ahmed Gobir     Rachael Obisesan     ENetSuD     Adedipe     Okin High School     Hassan Abdulazeez Elewu     Opobiyi     ASKOMP     Convocation Ceremonies     Bolakale Ayo     Olomu Of Omu-Aran     Tafida     Sambo Murtala     Saka Asiat Ayinke     Oniyangi Kunle Sulaiman     Oloriegbe     Alabi Olayemi Abdulrazak     Yakub Ali-Agan     Peter Obi     Mary Kemi Adeosun     Siraj Oyewale     Sanusi Abubakar     M.Y. Abdulrahaman     Village Alive Development Association     Oba Abdulraheem     Towobola Abdulrahman Toyin     Shuaib Abdulkadir     Abdulfatai Salman Baakini     Ahmed Shuaib Buranga     Moses Salami     Leke Ogungbe     Olabode George Towoju     Kamaldeen Gambari     KSIRS     Ahman Patigi     Baba-Isale     Okoolowo     JSSCE     Afonja     Olatunde Michaels     Young Progressives Party     Federal Allocation     Sarah Jubril     Mope Dasuki Belgore     Mahmud Ajeigbe     Mahee Abdulkadir     GANZY     Garuba Alikinla Shittu     Share/Tsaragi     Mahmud Durosinlohun Atiku     General Tunde Idiagbon International Airport     Aishat Sulu-Gambari     Abdul Jimoh Mohammed     Neo Mundo Ltd     KWSUED     AbdulHakeem Ajibola Akanbi     Iyabo Adisa Ibiyeye     Yahaya Seriki     Wahab Kunle Shittu     Age AbdulKareem     Lafiagi     Offorjama     Abdulrazaq Sanni     Bank Of Industry     Ajayi Okasanmi     Arinola Lawal     Local Government     Kwara 2023